Creating sustainable and inclusive growth via blockchain technology
The Sustainable Development Goals project is a series of objectives set out by the United Nations designed to help humanity prosper peacefully whilst preserving the planet for future generations.
One of the core principles behind the Everest project is to provide a universal value transfer platform and a digital identity that can be used by anyone, anywhere, to encourage social and economic development. We want to empower people that struggle to take advantage of the global economy due to lack of access to financial and social services.
The root cause of this disparity is a lack of verifiable identity and transparency of transactions. 1.1 billion people lack a recognized identity, 2.5 billion lack a bank account, 3.5 billion live on less than $2.50 a day, and 5 billion don’t have a smartphone. For 40% of the world population, carrying out basic economic transfers is rife with fraud, leakage, and friction.
Everest will use blockchain technology to deliver a cloud wallet with embedded digital identity (both on-device and in the cloud) that will generate sustainable development in emerging markets, as well as personal empowerment for billions of people. We’re developing a new system for people to realize their economic potential in a way that is aligned with the sustainable development goals set out by the UN. Using the blockchain not only makes sustainable economic inclusion possible, it ensures it in a way that no other identity or value transfer platform is able to do.
The principles ensured through the blockchain:
Sustainable economic development relies on universal access and a low barrier to entry to systems of economic transfer. The decentralized core of the blockchain means that people don’t have to wait for an infrastructure that can accommodate them to be built. They don’t have to wait for a national identity system to reach them, or banks to build branches. Everest enables large organizations to veritably reach and ‘Know Your Customer’ the 5 billion people without a smartphone. This enables access to banking, credit, and other financial services in safe and accountable way and mitigates the risk of fraud and loss for the institution.
With Everest, anyone can create a digital wallet to send a store value and a biometric identity. There is no requirement to own a device and users retain ownership of their profile. Users can decide who to share their identity information with and can receive remuneration for sharing their data. There is no centralized, controlling system that requires users to register and undergo varying processes to authenticate themselves and data cannot be exploited. The public blockchain allows institutions to interact with users in a secure and accountable manner, from anywhere in the world.
The accuracy of biometric identity, combined with the immutable ledger of the blockchain will allow Everest to develop alongside some of the key goals of the sustainable development project:
Goal 8: Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
Identity and the means to transfer value are the foundations of economic development. Without them, people face a lifetime of increased difficulty to access to their social and economic rights. The biometric, digital identity created by Everest will allow anyone, even if previously unregistered, to access systems and infrastructures such as education, healthcare, and ultimately, their ability to have to same rights and opportunities for employment.
To ensure longevity and sustainability, user identity information will be will be managed by a non-profit foundation, called the Identity Network. This foundation will be governed by a team of Caretakers, selected from NGOs, with at least 10 years’ of experience, and must share the goals exposed by the UN’s sustainable development project.
Institutions will pay to access the value of this network, ensuring the continued sustainability of the project and maintaining the unimpeachable structure of user-owned data and totally transparent transactions.
Goal 9: Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
Transactions can be verified and held to international standards, preventing fraud and mis-allocation of funds. With a digital identity, institutions won’t have to invest to become inclusive. They won’t have to wait for identity infrastructure to catch up to their verification requirements.
Blockchain technology creates a system for anyone in the world to access the global economy. It will generate faster economic growth in emerging markets and promote investment in people that have been so far under served by financial systems due to risks of fraud, loss, and leakage. Reusable KYC will reduce verification costs for businesses that have to verify user identity multiple times. The decentralized architecture of the project will reduce costs associated with verifying identity and will become the catalyst for over $40 trillion of potential value transfer.
The transparent and accountable intrinsic nature of the project means that sustainable growth is possible at scale. It provides user-owned identity and financial access without having to build new centralized infrastructure.
Everest, through its value transfer platform and biometrically verified cloud wallet is fostering emerging economies to help promote economic development and eradicate poverty. This is in line with the Sustainable Development Goals established by the United Nations. Everest recognizes the magnitude of these challenges and seeks to create a solution to aid sustainable development.
Learn more about Everest: https://everest.org/
